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Financial News: China's Private Sector Expands At Steady Pace

China's Private Sector Expands At Steady Pace

06/05/2018 - 02:03:00 (RTTNews)

(RTTNews) - China's private sector expanded at a steady pace in May amid broad-based upturn in both manufacturing and services, data from IHS Markit showed Tuesday. Nonetheless, growth remained slower than that seen at the start of 2018.

The Caixin composite output index remained unchanged at 52.3 in May, signaling a steady and moderate pace of expansion.

The services Purchasing Managers' Index also remained stable in May, at 52.9. A score above 50 indicates expansion in the sector.

Both manufacturers and services companies reported increases in output during May.

At the same time, the amount of new business placed with Chinese services companies increased further on firmer client demand and new product offerings. But the pace of growth softened since April. Meanwhile, manufacturing new orders grew at a slightly quicker pace.

On the employment front, trends diverged. Service providers noted a sustained rise in staff numbers, while payrolls were cut again at goods producers. Employment at the composite level was unchanged for the second month in a row.

On price front, survey showed that rates of input price inflation picked up across both the manufacturing and service sectors. Composite input prices rose at a solid pace that was slightly stronger than that seen in April.

Reflective of the trend for input costs, companies continued to raise their prices charged in May. However, competitive pressures restricted the pricing power of service providers, with their charges increasing at the slowest pace for eight months.

Finally, Chinese firms remained optimistic that output will increase over the next year in May. Notably, levels of positive sentiment edged up across both monitored sectors compared to the previous month.

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